Manhattan Associates drops as analysts cut targets after Q1 EPS softness
Manhattan Associates shares slid after a post-earnings wave of analyst price-target cuts despite Q1 revenue of $282.2 million. The company posted GAAP EPS of $0.82 (down from $0.85 a year ago), keeping investor focus on profitability and valuation as estimates reset.
1. What’s moving the stock
Manhattan Associates (MANH) is down sharply as Wall Street digests its quarterly update and resets expectations, with fresh analyst price-target reductions hitting the tape into the next session. A notable move today was DA Davidson lowering its price target to $200, following the company’s Q1 print earlier this week; Citi also lowered its price target to $177 in a separate note dated April 22.
2. The earnings setup behind the selloff
Manhattan Associates reported first-quarter 2026 results on April 21, 2026, showing revenue of $282.2 million versus $262.8 million in Q1 2025. Profitability was mixed: GAAP diluted EPS was $0.82 versus $0.85 a year ago, while non-GAAP adjusted diluted EPS was $1.24 versus $1.19, leaving investors focused on GAAP EPS pressure even as top-line growth remained solid.
3. What to watch next
With targets coming down, the near-term debate is whether demand signals (including bookings/RPO commentary) can outweigh concerns about margins and GAAP earnings optics at a premium valuation. Investors will watch for follow-through in additional estimate changes and whether management’s outlook supports a stabilization in forward EPS expectations.